S&P rates Almatis notes B-

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Almatis Holding BV. At the same time, S&P assigned a rating of B- to the proposed €150 million notes due 2012 issued by Almatis.

The outlook is stable.

"The ratings reflect Almatis' relatively small size, lack of track record as a standalone company, and aggressive financial profile," said S&P credit analyst Christine Hoarau. "These factors are somewhat offset by the group's strong market share in the niche specialty aluminates market, as well as its good profitability and cash flow generation."

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